Complete the following table by indicating whether a debit or credit is used to increase or decrease
Question:
Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example.
Used to Increase Used to Decrease Account Titles This Account This Account Insurance Expense Rent Expense Prepaid Rent Interest Revenue Debit Credit Accounts Receivable Accounts Payable Common Stock Land Unearned Revenue Service Revenue Retalned Earnings
Step by Step Answer:
Account Title Used to Increase this Account Used to Decrease this Account 1 Insurance Expens...View the full answer
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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